6. Not conducting a test fit
No two office buildings are the same. It is not possible to know how a particular option will accommodate your business until a “test-fit” is conducted. If one premises can accommodate more staff than another in an equivalent amount of space, then your total rental cost is lowered. You won’t know how the options compare until you get a professional space planning perspective for both premises.
7. Failing to allow for growth space
You’re not in business to shrink. Most tenants expect their business to grow over the next five to seven years (equating to the approximate length of your lease). It is important to sufficiently forecast how your business is likely to change over the full duration of lease or fit-out. Flexible lease terms and a realistic space budget will give you the latitude you need to expand.
8. Not realizing your space can increase your revenue, employee productivity, and brand
Think about how you want to function within your space and how every intricate detail can impact morale, productivity, efficiency, and dollars.
9. Acting too slow to secure the preferred option
Tenants often invest a considerable amount of time and effort going through the process of selecting their best option. Once your decision is made however, it is imperative to “lock it away” quickly. Landlords will continue to seek tenants for the space until a lease is signed.
10. Not retaining a tenant representative
You know your business inside and out and at best have a peripheral idea of what market conditions might be at a given moment in time. Retaining a tenant representative to act on your behalf may be your most cost efficient employee. Their fees are most often paid by the landlord and your tenant representative will have a fiduciary responsibility to you to ensure you get the best outcome possible.